Big data can also be used to make healthcare more affordable through things like more efficient R&D, and improved public health, health care providers can cut costs greatly and give better treatment to their customers. McKinsey & Company, a company that handles pharmaceuticals and medical products, wrote an article titled The Role of Big Data In Medicine saying that “ Payers care about the health of the patient, but they want to do whatever they can to motivate both the patient and the medical system to minimize the cost through better preventative measures” (The Role of Big Data In Medicine). This shows that not only are insurance companies on the bandwagon for big data incorporation, but they are also urging for change. Although insurance companies are businesses and care a lot about their bottom line, they also care a lot about their clients. Without clients, the insurance companies would have no revenue. It is important to the companies to give their clients the most affordable rates that they can so that their customers do not leave. McKinsey shines a light on the savings insurance companies could have when they point out that
big data analytics can enable more than 300 billion in savings per year in US health care, two thirds of that through reductions of approximately 8% in national healthcare expenditures. Clinical operations and and R&D are the two largest areas for potential savings with 165 billion and 108 billion in waste respectively (Raghupathi 2).
This proves that through improved strategies and determining more clinically relevant and cost-effective ways to diagnose and treat patients, healthcare companies can save a lot of money. All of these things do not just benefit insurance companies; if the insurance companies save money so do their customers, and when the clients are happy they stay with their provider. With the application of big data not only will people save money, but they will also get better treatment.
I thought that this paragraph was one of the best in my essay. It is a Barclays paragraph and the sources that are included help show the reader what my message is and also provide legitimacy to my argument.
